Follow link for original and very useful charts. I'm afraid Krugman is right. We need a total overhaul of the financial system. The Republicans are attempting to lead us to total ruin - and are influencing policy too darn much.
The government is reporting 8.1% but a far better approximation is 14.8%. Many economists expect the "official" number to hit 10%. If and when that happens where will U-6 be?
The pattern is pretty unmistakable. In one year the official unemployment rate rose from 4.8 to 8.1 (3.3) while U6 rose from 9.0 to 14.8 (5.8).
Assuming U3 hits 10%, U6 is likely to be approaching 20%. How bad Michigan, California, Nevada, North Carolina, Oregon, South Carolina, and Rhode Island are by then is anyone's guess.
These are depression level statistics.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Vehicles Sales Increase to 15.7 million SAAR in April; Up Slightly YoY
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Wards Auto released their estimate of light vehicle sales for April: U.S.
Light-Vehicle Sales Trudge Along with Tepid Growth in April (pay site).
Affordabi...
1 hour ago
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